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Post Offices to sell mutual funds
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Post Offices to sell mutual funds
India Post signs MoU with ICICI Prudential Life Insurance for partnership

ICICI Prudential ties up with Postal department
To strengthen service infrastructure in rural people

Postal Department to launch anywhere banking
Department in the process of developing necessary software

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Ambica and Postal Department signs MoU

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Post Offices to sell mutual funds

India Post signs MoU with ICICI Prudential Life Insurance for partnership


ICICI Prudential Life Insurance has tied up with India Post to enable consumers buy its products from its extensive network of post offices in the State. ICICI Prudential Life Insurance senior Vice President Anup Rao and Chief Post Master General, AP Circle, KV Sundar Rajan signed a memorandum of understanding on their partnership on Thursday. Anup Rao said that as 69 percent of the total households were located in rural areas, their savings potential could be taped by reaching them through 16,159 post office in Andhra Pradesh.

The partnership with India Post would enable ICICI customers buy products like insurance, wealth creation, children's education, pensions, protection and health plans. The customers could pay their premium through post offices. The e-payment facility was available in 529 post offices for premium payments. The private insurance sector, whose market share went up from about two percent to 57 percent in the last seven years would grow further by assessing rural consumers through the network, he said.

Chief Post Master General Sundar Rajan said India Post also offered its own life insurance scheme with low premium but they did not have products offered by ICICI Prudential like pensions, ULIP which were popular in the urban market. India Post tied up with many mutual fund players and their total mutual fund collection in the State on their behalf was Rs.226.95 crore and 4 percent of it was its commission and in other products it was 2 to 2.5 percent.

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